The Greater Fool: Paper, Illusion, and Time in Representations of the South Sea Bubble

This essay considers visual depictions of the South Sea Bubble to illustrate how the modern idea of a bubble—an economic opportunity offered by a cycle of speculation—emerged in 1720. It argues that a pair of prints published by Thomas Bowles II, both entitled The Bubblers Medley, invite the viewer to replay the act of speculating in the new paper markets of South Sea stock. Close analysis of the images’ form and content demonstrates they simultaneously acknowledge that the value of paper assets can be illusory and that actual profits might be made in such conditions with proper timing.